Increased Economies of Scale Continue to Reinforce JR East's Moat Despite Recent News Flow
We increase our fair value estimate for East Japan Railway, or JRE, to JPY 12,200 per share from JPY 11,800 previously to reflect the time value of money. Our fundamental view of the name is unchanged following a series of recent news items indicating greater international exposure in partnership with the government-sponsored fund. Although we are confident that JRE’s shares could benefit from upside, with highly predictable cash flows in all four segments in the near future, the degree of gove...
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